Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-14 10:00Report Summary 1. Report Industry Investment Rating No investment rating is provided in the report. 2. Core View of the Report The high production capacity pressure still exists, and combined with the decline in spot prices, the short - term near - month contracts should be treated with a short - selling strategy on rallies. The far - month contracts may be stronger than the near - month contracts, supported by the logic of production capacity reduction [2]. 3. Summary by Relevant Catalogs Futures Market - The closing price of the active egg futures contract is 2852 yuan/500 kilograms, and the net long position of the top 20 futures holders is - 13430 hands, with a week - on - week increase of 3531 hands [2]. - The egg futures monthly spread (1 - 5) is - 102 yuan/500 kilograms, and the trading volume of the active futures contract is 201629 hands, with a week - on - week decrease of 32748 hands [2]. - The registered warehouse receipt volume of eggs is 28 hands [2]. Spot Market - The spot price of eggs is 2.81 yuan/jin, and the basis (spot - futures) is - 38 yuan/500 kilograms, with a week - on - week decrease of 44 yuan/500 kilograms [2]. Upstream Situation - The laying hen inventory index nationwide is 114.4 (with 2015 = 100), and the culled laying hen index is 93.61 (with 2015 = 100), with a week - on - week decrease of 5.59 [2]. - The average price of laying hen chicks in the main producing areas is 2.6 yuan/feather, and the new chick index nationwide is 73.35 (with 2015 = 100), with a week - on - week decrease of 5.05 [2]. - The average price of laying hen compound feed is 2.76 yuan/kg, and the breeding profit of laying hens is - 0.4 yuan/hen, with a week - on - week decrease of 0.51 yuan/hen [2]. - The average price of culled chickens in the main producing areas is 8.92 yuan/kg, with a week - on - week decrease of 0.36 yuan/kg, and the age of culled chickens nationwide is 510 days, with a week - on - week decrease of 2 days [2]. Industry Situation - The average wholesale price of 28 key monitored vegetables is 18.48 yuan/kg, and the average wholesale price of pork is 4.99 yuan/kg, with a week - on - week increase of 0.03 yuan/kg [2]. - The average wholesale price of white - striped chickens is 17.66 yuan/kg, the weekly inventory in the circulation link is 1.34 days, with a week - on - week increase of 0.2 days [2]. - The weekly inventory in the production link is 1.5 days, with a week - on - week increase of 0.24 days, and the monthly export volume of fresh eggs is 13121.03 tons, with a month - on - month increase of 264.92 tons [2]. Downstream Situation The weekly consumption of eggs in the sales area is 7179 tons, with a week - on - week decrease of 442 tons [2]. Industry News - The average price of eggs in Shandong, the main producing area, is 5.51 yuan/kg, remaining unchanged from yesterday; the average price in Hebei is 5.40 yuan/kg, with a decrease of 0.22 yuan/kg from yesterday; the average price in Guangdong is 6.40 yuan/kg, remaining unchanged from yesterday; the average price in Beijing is 5.96 yuan/kg, remaining unchanged from yesterday [2]. - The inventory of laying hens in production is still high, old hens have not been over - culled, high production capacity is still the main concern of the market, and post - festival consumption has seasonally declined. The loose supply - demand situation of eggs is expected to continue, which also continuously suppresses the near - month contracts [2].